When cities like Springfield have to propose ordinances stipulating a minimum distance between payday loan, title loan, and installment loan stores.
Image of Springfield loan shops by Flickr user Dabadoo.
How Do You Know When There Are Too Many Predatory Lenders In Your State?
by Josh Kalven on August 21, 2008 - 9:55am
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Ellen Beth (not verified) on Thu, 08/21/2008 - 20:24
Payday loans are a huge problem, but don't forget that yield spread premiums charged in home purchases and refinances are charged to borrowers for putting them in more expensive loan programs than their credit requires. Also, don't forget that the states are struggling with their jurisdictional issues in trying to slow down predatory lending. In Illinois, there is the new anti-predatory lending database. While far from ideal, it's about all the state can do (apart from increasing enforcement in the licensing of mortgage originators) given that what we really need is good federal legislation regulating lenders and loan investors. Mark Kirk is against all regulation of lending. He and McCain can afford their house(s) and do not care how you can afford yours.
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